Australian virtual bank 86 400 partners with BioCatch to enhance security
By Edil Corneille
Using machine learning and advanced behavioural biometrics to monitor elements such as device orientation, typing speed and swipe patterns, BioCatch can distinguish suspicious and potentially fraudulent activity from genuine user movements, without adding any friction to the experience.
This technology is said to work silently behind-the-scenes to help prevent account fraud when onboarding new customers. It provides protection against potential account takeovers and phishing scams.
86 400 CRO Guy Harding enunciated, “Our customers love how easy it is to bank with 86 400, including our incredibly fast onboarding experience. Partnering with a fellow tech innovator like BioCatch gives us best-in-class protection from impersonation fraud, without compromising our market-leading experience – particularly our two minute onboarding for new customers.”
BioCatch has been designed with customer experience at its core and the 86 400 team was able to integrate this technology in 4 weeks.
BioCatch CEO Howard Edelstein elucidated, “In today’s increasingly digital world, detecting and preventing fraud is more important than ever. Our unique approach and behavioural insights are helping innovators like 86 400 to prevent fraud without getting in the way of the customer experience. We are excited about the future of this partnership and the potential to expand BioCatch’s protection throughout the entire customer experience.”
86 400 is a virtual bank, also called a neobank, that uses the latest technology, free from legacy systems, with advanced in-built protection and detection mechanisms. Digital banks such as 86 400 help customers conduct banking transactions where the requirement of visiting a physical bank branch is eliminated.
Tel Aviv-based BioCatch is a digital identity company that delivers behavioural biometrics, analysing human-device interactions to protect users and precious data.
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